Allows qualified heavy equipment rental businesses to charge a recovery fee of up to 2% on rentals.
This bill allows qualified heavy equipment rental businesses to charge a recovery fee of up to 2% of the rental charge for each item of heavy equipment rented in Mississippi. The recovery fee must be separately stated on the invoice or receipt and is enforceable to the same extent as the underlying rental charges. The collected recovery fees are to be used to pay or reimburse ad valorem taxes levied or assessed on the qualified rental business's heavy equipment in the state. Any excess recovery fees may be held and applied to ad valorem taxes in subsequent years.
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